Autoliv's Commitment to Renewable Energy
Autoliv, Inc. (NYSE: ALV) has embarked on a significant journey toward sustainability through the establishment of two Virtual Power Purchase Agreements (VPPAs) with Alight and Eurowind Energy. These agreements are not just contracts; they represent a crucial strategy to ensure a stable and economically viable electricity supply for Autoliv's operations, helping to prepare against potential price volatility in energy markets.
Transitioning to 100% Renewable Energy
With a clear goal in mind, Autoliv is set on transitioning its electricity consumption to 100% renewable sources. The VPPAs with Swedish solar company Alight and Danish wind producer Eurowind Energy mark a pivotal step in reaching this ambitious objective. The renewable energy secured through these agreements will help mitigate the risk of fluctuating energy prices in the future.
The Long-Term Vision of the Agreements
These agreements ensure a dedicated renewable electricity supply over a substantial period, spanning 12 years from 2027 to 2039. By combining solar and wind technologies, Autoliv is poised to optimize energy generation, ensuring efficiency during both day and night hours. This dual approach also allows for operational flexibility, critical for managing electricity procurement effectively across various European locations.
Significance for Autoliv's Decarbonization Efforts
Magnus Jarlegren, President of Autoliv Europe, stated that these projects signify a major milestone on their decarbonization journey. They enhance the company's capability to serve customers desiring sustainable offerings while making significant strides toward achieving climate goals in their European operations. This reflects a broader commitment from Autoliv to lead in sustainability within the automotive sector.
Environmental Benefits of the New Energy Sources
The VPPA with Alight brings forth a 100 MWp solar park located in Eurajoki, forecasted to generate 100 GWh of electricity annually, sufficient to power around 20,000 households. Set to commence operations in 2026, the solar park represents Autoliv's dedication to securing clean energy at a stable and competitive price point. Following this is the agreement with Eurowind Energy, facilitating a 48 MW wind park in Romania expected to produce roughly 176 GWh annually by 2027.
A Holistic Approach to Reducing Emissions
Autoliv’s commitment doesn’t stop with renewable energy; the company aspires to decrease its greenhouse gas emissions throughout its value chain while boosting material circularity. Launched in 2021, their climate strategy focuses on ambitious long-term targets: achieving carbon neutrality in operations by 2030 and achieving net-zero emissions across their supply chain by 2040.
The Role of Sustainability in Business Strategy
Kaisa Tarna-Mani, Autoliv's Vice President of Sustainability, emphasized their unwavering commitment to conducting environmentally sustainable business operations while providing high-quality products. The VPPAs are viewed as strategic cornerstones in promoting low-carbon operations, positioning Alight and Eurowind Energy as key partners in Europe.
Contact Information for Further Inquiries
For media inquiries related to Autoliv, individuals can reach Gabriella Etemad at +46 70 612 64 24 or Emelie Ericson at +46 70 957 81 35. For investor relations, contact Anders Trapp at +46 709 578 171 or Henrik Kaar at +46 709 578 114.
About Autoliv
Autoliv, Inc. (NYSE: ALV) stands as the global leader in automotive safety systems, providing protective mechanisms such as airbags and seatbelts to major automotive manufacturers worldwide. The company is passionate about redefining mobility safety standards and has made significant contributions to saving lives and preventing injuries through their innovative products. With operations in 25 countries and a workforce driven by the mission of 'Saving More Lives,' Autoliv reported sales of $10.4 billion in the last fiscal year.
Frequently Asked Questions
What is Autoliv's renewable energy goal?
Autoliv aims to transition to 100% renewable energy for its electricity consumption as part of its sustainability strategy.
How long will the Virtual Power Purchase Agreements last?
The agreements will span 12 years, from 2027 to 2039, with a commitment to long-term renewable electricity supply.
What types of renewable energy are being utilized?
The agreements involve a combination of solar and wind energy, ensuring optimal energy use throughout the day and night.
How does Autoliv plan to achieve carbon neutrality?
Autoliv aims for carbon neutrality in its operations by 2030, alongside a broader goal of net-zero emissions by 2040 across its supply chain.
Who can be contacted for media inquiries regarding Autoliv?
Media inquiries can be directed to Gabriella Etemad or Emelie Ericson for assistance.
